Bitcoin fell to $80k: what will happen to the cryptocurrency next?
The crypto market was affected by Trump's recent decree on the creation of a national bitcoin reserve — investors' expectations regarding it were not met
The cryptocurrency market is showing a steady decline — in a week, the price of Bitcoin has fallen by 10% — from more than $95,000 to $80,000. Another cryptocurrency, Ethereum, updated its minimum since November 2023. The total market capitalization fell by 4.7%, to $2.7 trillion. Experts interviewed by Realnoe Vremya attribute the trend to the recent cryptocurrency summit in the White House — Donald Trump's statements were not bold enough as expected. Read more about the forecasts and what to do with the currency now in a report of Realnoe Vremya.
Cryptocurrency fall
On the night of 10 March, the Bitcoin rate fell to $80,000. The last time such figures were recorded was at the end of February, and before that — only at the beginning of November 2024.
At the same time, after the overnight fall, the Bitcoin rate partially recovered, at 11:00 Moscow time the coin is trading at about $82,200. Over the past 24 hours, it has fallen in price by 4.3%. Bitcoin's share of the market, according to TradingView, is 61.34%.
The fall of the currency began on the evening of 7 March, after the first cryptocurrency summit in the White House. The day before, on 6 March, Bitcoin was trading at about $90,000, but after the event it dropped to $87,000. Since then, the rate has been demonstrating a daily decline.
The total capitalisation of the crypto market fell by 4.7%, to $2.7 trillion, according to Coinmarketcap. The price of Ethereum (ETH) fell by 5.2% in a day. At night, the leading altcoin fell to $1.990 for the first time since November 2023. At 11:00 Moscow time on 10 March, ETH is trading at about $2.060.
Of the top 10 cryptocurrencies by capitalisation, Dogecoin (DOGE) fell in price the most — by 9.5%. The Tron (TRX) rate fell the least, by 3%. XRP (XRP) fell by 7%, Solana (SOL) — by 8.5%.
The fall may continue
As private investment consultant Andrey Kochetkov told Realnoe Vremya, the situation was influenced by Donald Trump's decision to create a national bitcoin reserve, which will be formed from confiscated coins of the first cryptocurrency. The market reacted negatively to the fact that the creation of this reserve does not imply the purchase of additional bitcoins, as many expected.
“Bitcoin is not a currency that brings interest or dividends, its owners receive a profit from the difference in the cost at which they bought and the one they sell. Since the US is not going to introduce additional funds, there was no point in hoping for an increase in the rate. Therefore, the currency began to be actively sold while the rate was good,” he explained.
Kochetkov noted that this applies to other cryptocurrencies as well — interest in them also fell due to the signing of the decree by Trump.
When asked by the publication's correspondent whether it is worth buying bitcoin now, the expert did not give a clear positive answer:
“There are a lot of risks: unpredictable exchange rate changes, instability of trading platforms. You can invest money that you don't mind and wait for a sharp increase. Still, there is hope for a surge in interest. I would wait a little for the exchange rate to stabilize to understand what the situation is leading to, or for an even greater decline in order to buy more profitably.”
Kochetkov gave pessimistic forecasts: the fall could reach 75%:
“The expectations that existed before the new year and fuelled interest in the currency did not come true. You should not expect new money on the crypto market. But at the same time, various statements affect it like a fire, so everything can change in one minute.
Such jumps are the standard of cryptocurrencies”
At the same time, the current situation cannot be called critical — volatility is a constant style of cryptocurrencies. This opinion was expressed in a conversation with Realnoe Vremya by the founder of the Cryptopoligon project, Yakov Tenilin:
Due to the high volatility and risk of Bitcoin, it is impossible to make even approximate forecasts, Tenilin is sure. He did not agree with his colleague and noted that the situation could develop in any way.
“I would not make any forecasts, because all high-risk assets have three states: up, down or sideways. They can go anywhere, no one knows where,” he explained.
Is it worth selling Bitcoin now? The expert answered laconically:
“If a person understands the market well, then he will not ask this question. And if he does not understand, then regardless of when he buys or sells Bitcoin, he will be a loser.”
At the same time, Tenilin advised using the buy and hold strategy, which works not only for cryptocurrencies.
“You buy and hold an asset regardless of what rate it is currently trading at. You just need to do it without unnecessary emotions over a certain period of time. This strategy is statistically profitable,” explained the founder of the project.
